Piraeus buys investment company Iolcus

Piraeus Bank moved to net profit in the fourth quarter of 2021 after a loss in the previous three months, it said on Tuesday, citing lower bad debt provisions and higher fee and commission income. The bank recorded a net profit from continuing operations of 78 million euros, after a loss of 635 million euros in the third quarter. Loan impairment provisions were down 76% quarter-on-quarter to 194 million euros, from 811 million euros in Q3. In 2021 as a whole, Piraeus’ loss from continuing operations widened to €3 billion from a loss of €652 million in 2020, impacted by the loss of a large portion of bad credit on its balance sheet. (Reuters)

Piraeus Bank announced on Wednesday that it has agreed to acquire 100% of investment firm Iolcus for around 10 million euros to bolster its fee-earning pools.

Founded in 2011, Iolcus manages Apolis alternative investment funds and portfolios for private and institutional investors and has €1 billion in assets under management.

“The transaction will further diversify our fee income pools and deepen our expertise around expanding asset management businesses in Greece,” said Piraeus CEO Christos Megalou. Grant Thornton advised Piraeus Bank on the deal.

[Reuters]

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